Arthur Hayes buys the dip, doubling down on Hyperliquid, Ethena and Lido
|- Crypto billionaire Arthur Hayes buys Hyperliquid, Ethena, and Lido, on-chain data shows.
- Hyperliquid’s DEX volume and Ethena TVL hit a record high.
- The technical outlook for DeFi tokens remains mixed amid broader market volatility.
Arthur Hayes, the co-founder of BitMEX and known for his astute market trades, has recently increased his holdings of Hyperliquid (HYPE), Ethena (ENA), and Lido (LDO), on-chain data shows. The move comes as on-chain metrics of tokens like Hyperliquid and Ethena reach record highs even as the technical outlook remains mixed.
Arthur Hayes expands his DeFi holdings
An X post from Lookonchain indicates that Arthur Hayes holds multiple Decentralized Finance (DeFi) tokens. Over the last 24 hours, 375,000 LDO and 350,000 ENA tokens, worth approximately $519,500 and $253,350, respectively, have been added to the wallet.
The post also highlights the purchase of 11,000 HYPE tokens worth over $530,000. Hayes’s doubling down on these tokens highlights his increased confidence in a potential bull market after the recent Ethereum (ETH) sell-off and buyback.
Hyperliquid eyes an all-time high
Hyperliquid edges higher by 6% at press time on Friday, eyeing the $50 psychological milestone, which would mark a new all-time high. The uptrend faces opposition at the $48.56 level, marked by the July 13 close.
A decisive push above this level could extend the uptrend to the R2 pivot level at $55.58.
DeFiLlama data shows the Decentralized Exchange (DEX) volume is at $1.07 billion, down from the all-time high of $1.26 billion on Thursday. The recent surge in DEX volume highlights rising activity, leading to increased revenue and HYPE demand.
Hyperliquid DEX Volume. Source: DeFiLlama
The Relative Strength Index (RSI) is currently at 62, maintaining a steady uptrend as buying pressure gradually increases. Additionally, the Moving Average Convergence Divergence (MACD) indicator suggests increasing bullish momentum as both the MACD and signal lines maintain an uptrend.
HYPE/USDT daily price chart.
Looking down, a reversal from the $48.56 resistance could test the 50-day Exponential Moving Average (EMA) at $41.57.
Ethena eyes $1 as TVL hits record high
Ethena holds above the $0.7000 round figure, rising by nearly 1% at the time of writing on Friday. The Golden Cross, formed by the intersection of the 100-day and 200-day EMAs, indicates that the outlook is turning bullish.
DeFiLlama data shows that the Total Value Locked (TVL) on Ethena has reached an all-time high of $11.145 billion from $11.066 billion the previous day. An increase in TVL points to heightened activity on the network based on digital asset deposits.
Ethena TVL. Source: DeFiLlama
Still, the declining MACD line risks crossing below its signal line, which would flash a sell signal. Additionally, the RSI is at 61, dropping from the overbought zone, which suggests lower buying pressure.
To reinforce an upward trend, ENA should mark a decisive close above the $0.7982 resistance, potentially targeting the $1.0000 psychological level.
ENA/USDT daily price chart.
On the contrary, a slip below $0.6576 could extend the decline to the 50-day EMA at $0.5364.
Downside risk escalates for Lido
LDO trades at $1.383 at the time of writing on Friday, retracing from the high of $1.444. The intraday loss of ground risks extending the recent declining trend below the $1.374 support level, marked by the March 2 close.
A decisive push below this support could test the $1.179 level, marked by the high of May 10.
Similar to Ethena, the momentum indicators suggest a decline in bullish momentum. On the daily chart, the RSI drops to 64 from the overbought zone, while the MACD and its signal line move closer to each other, risking a trend reversal.
LDO/USDT daily price chart.
Looking up, a bounce from the $1.374 support could reach the weekly high of $1.628.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.